Tuesday, January 31, 2017

Recent Investments to Create More Than 170 Homes, Support Over 300 Jobs, Attract $18 Million in Private Investment

Rhode Island Housing’s Board of Commissioners recently approved
three investments that will attract more than $18 million in private investment,
create 171 homes, and support more than 300 jobs.

“We are committed in 2017 to encouraging even more investments and
increasing housing production, which will strengthen Rhode Island’s economy and
create jobs,” said Barbara Fields, Executive Director.

The first approved investment will support the redevelopment of
the former Imperial Knife Factory (pictured). Now known as 60 King
Street, the development is located in Providence’s Olneyville neighborhood,
which has made significant progress over the course of the last decade. The restoration
will create 60 apartments and reconnect the building and the street to the rest
of Olneyville. The total cost for the redevelopment is approximately $21.9
million.

The second investment will be in the Branch Street Apartments in
Pawtucket and Central Falls. The development will include 29 new and 17
preserved apartments and contribute to a substantial revitalization of the
neighborhood. The development, which is located along the Blackstone River, will
preserve open space and tie-in with a number of additional projects underway.

Lastly, the Board approved $5.5 million in financing for the vacant
and derelict Lippitt Mill Apartments in West Warwick. Once renovated, the
historic building will include 65 apartments serving residents with a range of
incomes. The total development cost of the project is approximately $15 million.